How Am I Doing?

When I meet with people inquiring about my services, the most common thing that clients want to know is ‘how they are doing.’ This is not a question that I can really answer. Why? Because how someone is doing is relative to the outcome they are hoping to achieve.

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Tax Time!

We are now in January of 2022, which means you have to start thinking about completing your taxes for 2021. Your W-2’s and 1099’s are required to be sent to you by the 31st of January, but other forms have more time to be issued and may have multiple versions due to corrections.

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Inflation

Inflation is the general increase in price level which corresponds to a reduction in purchasing power. Why do we care about it? We care about inflation because our dollars buy less. For example, remember when you could buy a gallon of gas for $1? Now it’s $3 a gallon. The same amount of money that would fill out tanks up will only fill up one third of a tank now!

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Charitable Giving

If you are charitably inclined, what is the most tax efficient way to give to those charities?

Let us start with standard deduction versus itemized deductions. Your itemized deductions must exceed your standard deduction for any tax benefit. There is a caveat for 2021, cash donations up to $300 for single filers and $600 for Married Filing Joint are allowed as above the line deductions.

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